GBP/USD: Bounce off – Commerzbank

Sandeep Kanihama FXStreet Contributor

Commerzbank analysts suggest that GBP/USD has rapidly bounced off the 61.8% retracement at 1.2196, neutralizing their forecast.

Key Quotes

“Minor resistance at the 1.2506 June low and stronger resistance at the mid-July and September highs at 1.2580/82 is back in the picture. Below the current October low at 1.2194 lies the early and mid-August lows at 1.2091/15 and major support lies at the 1.1958 September low.”

“A slip through the 1.1958 recent low would put the 1.1588 1985-2019 support line and the 1.1491 October 2016 low (according to CQG) back in the picture.”

“A close above 1.2580/82 would introduce scope to the seven month resistance line at 1.2612 and the 200 day ma at 1.2712.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

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